: (1) The Fund shall send in writing to Nepal Rastra Bank for information with regard to the secured member institutions that perform the following actions, including the related details and necessary documents:- (a) Not submitting an application as per section 18, (b) ) Non-payment of annual security fee as per Section 21, (c) Non-payment of special contribution as per Section 23, (d) Non-payment of late fee as per Section 25, (e) Non-payment of information and details as per Section 26, (f) Non-submission of financial statement as per Section 28 , (g) Failure to pay any other penalty or annual security fee imposed in accordance with this Act, or (h) Submitting false or false data and information related to deposits, depositors and annual security fees to the Treasury.
(2) If the bank or financial institution licensed by Nepal Rastra Bank does not apply for the membership of the protected member organization in accordance with section 15, the fund shall also inform Nepal Rastra Bank.
(3) After receiving the information as per sub-section (1), Nepal Rastra Bank shall take necessary action against the concerned secured member in accordance with the prevailing law.